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This project examines the impact of employer-provided financial education for newly hired workers on contributions to voluntary retirement savings plans. Using administrative data from five large employers, the researchers assess the impact of information and delivery methods on the choice to More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: The project will develop, implement, and evaluate a pilot program to encourage the use of the Saver's Credit among clients of a large scale VITA site during the 2011 tax season. The pilot program will be developed by a coalition including Center for Economic Progress, Abt Associates, and More information...
Audience: Researcher
Type of Resource: Brief Working paper
Date: 3/27/2012
There are vast differences in wealth holdings, even among households in similar age groups. In addition, a large percentage of U.S. households arrive close to retirement with little or no wealth. While many explanations can be found to rationalize these facts, approximately thirty percent of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper investigates the effectiveness of both videos and narratives in improving people's understanding of five basic concepts in financial planning: (1) compound interest; (2) inflation; (3) risk diversification; (4) tax treatment of retirement savings vehicles; and (5) employer matches of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The decision of when to claim Social Security benefits has significant implications for households’ retirement income security. In recent years, claiming decisions have become more complex due to the increased number of two-earner couples and changes in Social Security law designed to improve work More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Traditional economic models assume that individuals have full information and act perfectly rationally. However, we show that there is considerable variation in financial literacy in the population and propose modeling the acquisition of financial knowledge in a human capital production More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Managing retirement risk has become extraordinarily difficult in this era of financial turmoil, global interlinkages, and global population aging. It is particularly fraught since consumers must now engage in long-term contracts with themselves, employers, financial institutions, and governments, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
In this paper we report on several new self-assessed and objective measures of financial literacy obtained using the American Life Panel (ALP); we also link these performance measures to efforts consumers make to plan for retirement. We evaluate the causal relationship between financial literacy More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012